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Lucosky Brookman Successfully Represents EF Hutton in $4.0 Million Private Placement for Reliance Global Group, Inc.

Lucosky Brookman congratulates its client, EF Hutton, division of Benchmark Investments, LLC (“EF Hutton), on its successful $4.0 million Private Placement for Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) (the “Company”), an InsurTech pioneer which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency.

Under the terms of the securities purchase agreement, the Company sold 155,038 shares of common stock and accompanying common warrants (the “Common Units”) and 897,594 pre-funded warrants and accompanying common warrants (the “Pre-Funded Units”) to purchase an aggregate of 2,105,264 shares of common stock underlying the common warrants. Each Common Unit was sold at a combined effective purchase price of $3.80 and the Pre-Funded Units were sold at the same price as the Common Units less the pre-funded warrant exercise price of $0.001. The common warrants will be exercisable six months from the date of issuance at an initial exercise price of $3.55 per share, subject to adjustments as set forth therein, and will expire five and a half years from the date of issuance.

The Company intends to use the net proceeds from the private placement for general working capital and administrative purposes.

EF Hutton acted as exclusive placement agent for the offering.   Lucosky Brookman acted as legal counsel to EF Hutton.